11thBPS Salary Payment to the officers of the State Bank of India, Canara Bank, Punjab National Bank, Bank of India, Bank of Baroda, Indian Overseas Bank, Bank of Maharashtra, Union Bank of India, Indian Bank, UCO Bank, Punjab & Sindh Bank, Central Bank of India as per the joint note of 11th Bipartite Wage Revision.
The revised salary are being paid to the officers of the banks under guidelines of the Indian Banks’ Association, Mumbai, (IBA) in consultation with the Government of India and as per the signed Joint Note dated 11.11.2020.
The Indian Banks' Association, Mumbai has communicated the ‘No Objection’ of the Government of India to disburse ad-hoc salary & arrears.
The Board of Directors of each Banks has permitted to pay the ad hoc salary and arrears in tune with the Joint Note dated 11.11.2020.
For Clerks & Workmen - 11th BPS Revise Wage Payment to Clerks by Banks - Guidelines
The effective date for different benefits given in the settlement is as under:
The details of revision in various components of salary & other allowances are as under :
Dearness Allowance
On and from 1.11.2017, Dearness Allowance shall be payable for every. rise or fall of four points over 6352 points in the quarterly average of the All India Average working Class Consumer Price Index (General) Base 1960= 100 at 0.07% of Pay.
House Rent Allowance (w.e.f. 01.11.2017)
Provided that if an officer produces a rent receipt, the House Rent Allowance payable to him/her shall be the actual rent paid by him/her for the residential accommodation in excess over 0.50% of Pay in the first stage of the Scale of Pay in which he/she is placed with a maximum of 150% of the House Rent Allowance payable as per aforesaid rates mentioned in Column II above.
Note: The claims of officer employees for House Rent Allowance linked to the cost of their ownership accommodation shall also be restricted to 150% of House Rent Allowance as hitherto.
City Compensatory Allowance (w.e.f. 01.11.2017)
Location Allowance (Non-CCA Centres) (w.e.f. 01.11.2017)
Effective 1.11.2017 a fixed allowance of Rs.700/- p.m. is payable to all Officers posted in areas other than the areas that are eligible for CCA. This fixed allowance shall not be· reckoned for payment of DA, superannuation benefits, viz, pension including NPS, PF and Gratuity.
Learning Allowance (w.e.f. 01.11.2017)
With effect from 1.11.2017, Officers shall be paid Learning Allowance of Rs.600/- together with applicable Dearness Allowance thereon.
Special Allowance (w.e.f. 01.11.2017)
With effect from 01.11.2017, officers shall be paid Special Allowance as under:
Scale I - III – 16.4 % of Basic Pay + applicable Dearness Allowance thereon.
Scale IV - V – 19 % of Basic Pay + applicable Dearness Allowance thereon.
Scale VI - VII – 20 % of Basic Pay + applicable Dearness Allowance thereon.
Note: The special allowance with applicable DA thereon shall not be reckoned for superannuation benefits, viz, pension including NPS, PF and Gratuity
Option not to claim incremental commutation on revised basic pension
Officers in service of the Banks as on 1st November 2017 and who - have retired thereafter but before the date of this Settlement and who had opted for commutation of pension will have an option not to claim incremental commutation on revised basic pension.
New Pension Scheme
- Officers, who are governed by New Pension Scheme w.e.f. 01.04.2010, will continue to contribute 10 % of pay plus Dearness Allowance and the Bank will make a contribution of 14 % of pay plus Dearness Allowance from the date of signing of Joint Note subject to approval of Government.
- The service charges by the Service Provider/Fund Manager of NPS will be borne by the bank from the FY 2021.
Medical Aid
On and from 1st November 2017, reimbursement of medical expenses shall be as under:
a) Officers in JMG & MMG Scales – Rs. 10,300/- p.a.
b) Officers in SMG & TEG Scales – Rs. 12,300/- p.a
Project Area Allowance :
On and from 01.11.2017, Project Area Compensatory Allowance shall be payable at the following rates :
Project Areas falling in Group A – Rs. 600/- p.m.
Project Areas falling in Group B – Rs. 525/- p.m.
Mid-Academic Year Transfer Allowance (w.e.f. 01.11.2020): On and from 01.11.2020, Mid-Academic Year Transfer Allowance shall be payable at Rs. 1650/- p.m. subject to other conditions.
Split Duty Allowance
On and from 01.11.2017, Split Duty Allowance shall be payable at Rs. 300/- p.m.
Compensation on Transfer (w.e.f. 01.11.2020)
An officer on transfer will be eligible to draw a lump sum amount as indicated below for expenses connected with packaging, local transportation, insuring the baggage etc.
Grade/Scale of Officer (Rs.)
Officers in Scale IV and above - Rs 30,000.00
Officers in Scale I, II and III - Rs 25,000.00
Annual encashment of Privilege Leave:
From the calendar year 2020, Privilege Leave encashment shall be permitted at the rate of 5 days for each calendar year at the time of any festival of the employee’s choice. Employees who have completed 55 years of the age as on 01.01.2020 and above shall be entitled to encash at the rate of 7 days for each calendar year, till retirement as a onetime measure.
Family Pension:
Subject to approval by the Government, It is agreed that family pension shall be payable at the uniform rate of 30 percent of the Pay of the deceased employee and that there shall be no ceiling on the family pension.
Performance Linked Incentive Scheme:
The wages settled during wage revision at Industry level are paid by all Banks uniformly, irrespective of the size of the Bank and their financial strength. In today’s challenging environment, where there is stiff competition among Banks, a genuine need is felt to allow Banks to pay their employees something extra by way of encouragement as per the profitability and financial soundness of the respective Bank.
In order to inculcate a sense of competition and also to reward the performance, the concept of Productivity Linked Pay was discussed and after discussion between the parties, it is agreed to introduce Performance Linked Incentive Scheme in Public Sector Banks which will be based on Operating Profit/Net Profit of the individual bank.
The PLI shall be payable to all employees annually over and above the normal salary payable. The PLI matrix shall decide the amount payable to the employees (in number of days of pay = Basic + DA) depending on the annual performance of the Bank. All the employees shall get the minimum number of days of pay as incentive depending on where in the matrix the Bank’s performance fits in, broadly as per Matrix as under:
DIFFERENTIAL PL ENCASHMENT
The consequential difference in cash equivalent on encashment of Privilege Leave availed during the period from 01.11.2017 to 31.12.2020 on account of revision in scales of pay shall also be paid.